v3.26.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company’s management views the operations of each of its casino properties as an operating segment which are aggregated into the reportable segments of Las Vegas Strip Resorts, Regional Operations, and MGM China and the Company’s operating segments that comprise the Company’s interactive gaming operations are aggregated into the MGM Digital reportable segment based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure.

Las Vegas Strip Resorts. Las Vegas Strip Resorts consists of the following casino resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including The Reserve at Park MGM).
Regional Operations. Regional Operations consists of the following casino properties: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts; Empire City in Yonkers, New York; and MGM Northfield Park in Northfield Park, Ohio (until its disposition in April 2026).

MGM China. MGM China primarily consists of MGM Macau and MGM Cotai.

MGM Digital. MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming.

The Company’s corporate operations and management services are reflected within “Corporate and other” in the segment disclosures to reconcile the segment results to consolidated results.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM assesses performance of each segment and decides where to invest capital by using and monitoring budget-to-actual and actual-to-actual results of Segment Adjusted EBITDAR.

Segment Adjusted EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income from unconsolidated affiliates, goodwill impairment, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Revenues(In thousands)
Las Vegas Strip Resorts
Casino$488,187 $450,273 $1,536,856 $1,445,113 
Rooms621,578 660,488 2,089,998 2,145,387 
Food and beverage538,257 547,298 1,747,599 1,718,285 
Entertainment, retail and other306,318 326,578 930,362 966,664 
1,954,340 1,984,637 6,304,815 6,275,449 
Regional Operations
Casino626,313 695,938 1,979,195 2,078,028 
Rooms90,358 87,162 242,428 233,700 
Food and beverage112,331 118,206 335,864 342,862 
Entertainment, retail and other54,202 55,569 167,725 167,316 
883,204 956,875 2,725,212 2,821,906 
MGM China
Casino981,403 947,483 2,914,225 2,820,732 
Rooms51,062 47,586 147,570 139,958 
Food and beverage90,889 83,092 265,185 235,801 
Entertainment, retail and other14,813 9,567 34,103 28,802 
1,138,167 1,087,728 3,361,083 3,225,293 
MGM Digital
Casino183,666 174,027 562,715 465,946 
Reportable segment revenue4,159,377 4,203,267 12,953,825 12,788,594 
Corporate and other52,514 47,197 163,777 143,822 
 Total revenue$4,211,891 $4,250,464 $13,117,602 $12,932,416 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
(In thousands)
Las Vegas Strip Resorts
Revenue$1,954,340 $1,984,637 $6,304,815 $6,275,449 
Less:
Payroll related expense682,427 639,265 2,034,876 1,967,561 
Cost of sales126,982 126,193 395,031 383,876 
Gaming taxes52,118 53,038 165,664 166,072 
Other segment items(1)
562,032 565,272 1,694,138 1,635,415 
Segment Adjusted EBITDAR530,781 600,869 2,015,106 2,122,525 
Regional Operations
Revenue883,204 956,875 2,725,212 2,821,906 
Less:
Payroll related expense235,038 237,540 706,149 698,726 
Cost of sales39,755 41,101 116,472 119,162 
Gaming taxes163,134 191,899 527,653 572,285 
Other segment items(1)
202,655 190,814 592,663 548,514 
Segment Adjusted EBITDAR242,622 295,521 782,275 883,219 
MGM China
Revenue1,138,167 1,087,728 3,361,083 3,225,293 
Less:
Payroll related expense174,607 157,782 508,018 457,766 
Cost of sales33,109 30,284 94,583 85,134 
Gaming taxes504,797 482,213 1,501,762 1,431,132 
Other segment items(1)
161,676 133,459 462,559 380,364 
Segment Adjusted EBITDAR263,978 283,990 794,161 870,897 
MGM Digital
Revenue183,666 174,027 562,715 465,946 
Less:
Payroll related expense29,940 34,803 94,367 97,194 
Marketing costs54,967 67,838 218,654 192,633 
Gaming taxes53,944 42,730 156,251 112,919 
Other segment items(2)
49,024 51,904 154,138 146,539 
Segment Adjusted EBITDAR(4,209)(23,248)(60,695)(83,339)
Total Segment Adjusted EBITDAR1,033,172 1,157,132 3,530,847 3,793,302 
Corporate and other, net(112,843)(112,312)(339,016)(347,987)
Preopening and start-up expenses(129)(31)(1,218)(965)
Property transactions, net (7,578)(101,775)264,897 (117,368)
Goodwill impairment— (256,133)(111,019)(256,133)
Depreciation and amortization(276,399)(260,717)(822,439)(739,136)
Triple net lease rent expense(548,903)(564,658)(1,665,718)(1,693,549)
Income from unconsolidated affiliates31,364 25,642 67,228 38,606 
Operating income (loss)118,684 (112,852)923,562 676,770 
Non-operating income (expense)
Interest expense, net of amounts capitalized(102,607)(102,287)(305,425)(315,140)
Non-operating items from unconsolidated affiliates(1,780)5,942 (1,762)2,149 
Other, net7,597 (10,390)21,288 (182,826)
(96,790)(106,735)(285,899)(495,817)
Income (loss) before income taxes21,894 (219,587)637,663 180,953 
Benefit (provision) for income taxes17,313 12,858 (100,875)(42,857)
Net income (loss)39,207 (206,729)536,788 138,096 
Less: Net income attributable to noncontrolling interests(56,315)(78,526)(136,327)(225,846)
Net income (loss) attributable to MGM Resorts International$(17,108)$(285,255)$400,461 $(87,750)
(1) Other segment items primarily include corporate allocations, service provider costs, promotional expense, and other miscellaneous expenses.
(2)Other segment items primarily include third party game provider fees, service provider costs, and other miscellaneous expenses.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Capital expenditures:(In thousands)
Las Vegas Strip Resorts$91,361 $145,282 $236,105 $370,651 
Regional Operations33,481 41,973 85,311 105,843 
MGM China42,713 47,075 119,227 158,394 
MGM Digital21,475 19,913 63,729 59,767 
Reportable segment capital expenditures189,030 254,243 504,372 694,655 
Corporate and other32,631 21,746 113,334 77,817 
$221,661 $275,989 $617,706 $772,472 

Total assets are not allocated to segments for internal reporting or when determining the allocation of resources and, accordingly, are not presented.